MOODY'S RATES CHL MORTGAGE PASS-THROUGH TRUST 2002-39 Aaa
Approximately $500.0 Million of Mortgage-Backed Securities Rated.
New York, January 23, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates
in Countrywide Home Loan's 2002-39 (CHL 2002-39) securitization
of prime-quality mortgages.
According to Moody's analyst Marjan Riggi, the ratings are based
on the credit quality of the collateral pool, credit enhancement
provided by subordination, the legal structure of the transaction
and Countrywide's ability as the servicer of the loans.
The aggregate pool is comprised of 30-year fixed-rate loans
originated by Countrywide. Substantially all loans were originated
under Countrywide's Standard Guidelines (for jumbo loans).
The pool benefits from the inclusion of strong jumbo loans (99.7%).
In general, such loans are less risky as they have lower average
LTVs and higher average FICOs than the Alt-A product. The
pool also has some reduced documentation loans (25%) whose risks
are compensated by their higher FICOs and lower LTVs. As is the
case with most prime pools, substantially all loans with LTVs greater
than 80% have borrower-paid mortgage insurance. In
addition, a majority of loans were made against properties which
are occupied as primary residences (at least 96%). Loans
to owner-occupied properties have lower default rates as owners
have more incentive to remain current on their payments.
Countrywide's previous pools have experienced low losses and delinquencies.
This is largely attributable to the company's business practices,
retail origination channels and appraisal quality.
The complete rating actions are as follows:
Issuer: CHL Mortgage Pass-Through Trust 2002-39
$24,723,857 Class A-1 Certificates, rated
Aaa
$15,950,973 Class A-2 Certificates, rated
Aaa
$2,120,000 Class A-3 Certificates, rated
Aaa
$3,678,000 Class A-4 Certificates, rated
Aaa
$484,000 Class A-5 Certificates, rated Aaa
$4,656,000 Class A-6 Certificates, rated
Aaa
$2,000,000 Class A-7 Certificates, rated
Aaa
$2,000,000 Class A-8 Certificates, rated
Aaa
$2,000,000 Class A-9 Certificates, rated
Aaa
$3,000,000 Class A-10 Certificates, rated
Aaa
$1,000,000 Class A-11 Certificates, rated
Aaa
$1,000,000 Class A-12 Certificates, rated
Aaa
$1,000,000 Class A-13 Certificates, rated
Aaa
$3,043,479 Class A-14 Certificates, rated
Aaa
$58,883,143 Class A-15 Certificates, rated
Aaa
$19,853,000 Class A-16 Certificates, rated
Aaa
$11,918,000 Class A-17 Certificates, rated
Aaa
$32,750,000 Class A-18 Certificates, rated
Aaa
$2,000,000 Class A-19 Certificates, rated
Aaa
$1,724,000 Class A-20 Certificates, rated
Aaa
$5,578,500 Class A-21 Certificates, rated
Aaa
$859,500 Class A-22 Certificates, rated Aaa
$3,000,000 Class A-23 Certificates, rated
Aaa
$9,811,764 Class A-24 Certificates, rated
Aaa
$2,998,,039 Class A-25 Certificates,
rated Aaa
$1,090,197 Class A-26 Certificates, rated
Aaa
$9,050,000 Class A-27 Certificates, rated
Aaa
$2,350,000 Class A-28 Certificates, rated
Aaa
$2,000,000 Class A-29 Certificates, rated
Aaa
$6,600,000 Class A-30 Certificates, rated
Aaa
$6,818,181 Class A-31 Certificates, rated
Aaa
Interest Only Class A-32 Certificates, rated Aaa
$25,000,000 Class A-33 Certificates, rated
Aaa
$146,203,640 Class A-34 Certificates,
rated Aaa
$26,015,000 Class A-35 Certificates, rated
Aaa
$11,115,000 Class A-36 Certificates, rated
Aaa
$24,700,000 Class A-37 Certificates, rated
Aaa
Interest Only Class A-38 Certificates, rated Aaa
Interest Only Class A-39 Certificates, rated Aaa
$7,628,727 Class A-40 Certificates, rated
Aaa
$1,396,888 Principal Only Class PO Certificates,
rated Aaa
$100 Class A-R Certificates, rated Aaa
Countrywide Home Loans Inc., the seller and master servicer
of the loans, is a highly capable servicer of mortgage loans and
has a substantial presence in the prime-quality mortgage sector.
Countrywide's long-term corporate debt obligations are rated A3
by Moody's.
Additional research is available on http://www.moodys.com.
New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Marjan Riggi
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653